“Coinweb will be able to deliver greater liquidity and enable projects to provide on- and off-ramp services for fiat, which is key to the growth of the space.”
Layer-2 cross-computation platform Coinweb has been granted a digital asset exchange license in Lithuania, which will allow the platform to act as a virtual currency operator for both deposit and exchange.
Coinweb’s regulatory approval greenlights the firm’s operation across all European countries, barring conflicting regulations, thanks to the EU passport.
Alongside the acquisition of the license, Coinweb will proceed with its roadmap, which includes new projects to be launched later this year, such as a function to ensure regulatory compliance for projects that require cross-chain token issuance.
Toby Gilbert, Chief Executive Officer at Coinweb, commented: “We are thrilled to receive our Lithuanian license and look forward to greater expansion in Europe. As blockchain technology and acceptance of digital payments grow towards mass adoption, the regulatory environment is sure to evolve constantly, and, for the most part, establish limits to what projects creators can pursue.
“Interoperability platforms such as ours are designed to be nimble, and we apply the same values structurally so that Coinweb and its partners can react quickly to change and innovation. With this license from Lithuania and more in our future from various jurisdictions, Coinweb will be able to deliver greater liquidity and enable projects to provide on- and off-ramp services for fiat, which is key to the growth of the space.”
The Lithuanian license will help deliver liquidity to Coinweb’s projects by enabling the platform to enter relationships with traditional financial institutions. Additionally, the acquired license will facilitate Coinweb’s wallet operation with fully-integrated fiat rails, allowing Coinweb’s incubated customers to issue and sell tokens to their customer bases under Coinweb’s regulatory umbrella.
Coinweb is actively working towards acquiring new licenses to meet the regulations of various worldwide jurisdictions. As one of the earliest members of the European Blockchain Partnership (EBP), Lithuania participated in the declaration to support the delivery of cross-border digital public services while adhering to established standards for security and privacy.
The team plans to unify blockchain, by closing the gaps between integrating new technical advances and solutions to the space. It intends to make the platform secure, fast, reliable, and solution-driven that will solve the biggest issues the current blockchain is facing.
Through the Coinweb platform, different blockchains can be integrated without affecting each other. For instance, blockchain 1 can have features such as interoperability and multi-chains, whereas another can have smart contracts and a crypto ecosystem. The platform is aimed at integrating these different blockchains into the Coinweb platform.
Coinweb will use the WebAssembly runtime environment, thereby making it easier to run uniform deployment through all blockchains. Furthermore, the platform provides parallel execution of smart contracts.
